Zorin Finance scheme

Zorin completes £10.5m development loan for Birmingham resi project

Zorin Finance has completed a £10.5m development loan with West-Midlands developer Charles Jordon Homes.


The deal — which will assist the new-build project of 85 flats in a suburb of Birmingham — was introduced by Gordon Robinson, property finance consultant at Mutual Finance.

The scheme will offer units with private balconies and off-street parking.

The facility is Zorin’s first to Charles Jordon Homes and will help to support its ambitious plans to provide quality and affordable homes in popular commuter locations throughout the West Midlands.

The loan was underwritten at 65% LTGDV and 90% LTC.

Henry Wilson-Holt, senior lending manager at Zorin, said: “We are delighted to have completed on this loan with a new-to-lender borrower.

“Charles Jordan Homes is a high-calibre counterparty, and we look forward to supporting it on this equally high quality new-build scheme and further developments in the future.” 

Gordon added: “I am pleased to have worked alongside Zorin Finance on this transaction.

“I found it to be very thorough in its approach and  look forward to conducting further business with Zorin in the future.”

The transaction follows the announcement of Avenue Capital’s investment into Zorin and underpins the lender’s target to originate £400m of new loans over the next 12 months.

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